Indiana daily times. [volume], December 31, 1920, Last Home Edition, Page 5, Image 5

About Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922

Image provided by: Indiana State Library

                
N. Y. BANKERS
SEE BUSINESS
CRISIS PASSED
“'Return to Normal Conditions
in 1921 Predicted by
Financiers.
CREDIT TO BE FLEXIBLE
By FLOYD MACGRIF.
(Copyright, 1020, by International News
Service.)
SEW YORK, Dec. 31.—leading New
York bankers, whose bus.cess extends
into all parts of the country, declared In
exclusive statements to the International
News Service, that a sound basis was
being created for more stable and health
ful business during the year 1921.
The consensus of opinion wes:
That deflation, in loosening the specu
lative grip on many basic commodities,
had brought a sounder and more normal
condition into the Nation's buslnets life
That credit will be more flexible In
net.
That employers, wage earners and mer
chants must share alike In cuts for their
and services.
That the business crisis, precipitated
by retrenchments, has been passed.
TURN IN TIDE
VIEWED AS NEAR.
“Those who were most closely studying
the existing situation feel that the turn
of the tide in declining prices and liqui
dation is very near,” said Charles 11.
Sabin, president of the Guaranty Trust
Company, a concern with resources of
$800,000,000. “Although there are many
readjustments from the effects of war
yet to be made In the months and years
to come, they believe there Is reasonable
assurance of a return to normal business
conditions, stabilized prices, easier
money and larger business opportuni
ties.
“Fortunately for this country. Its un
derlying conditions for the most part,
are sound. Our large gold reserve, our
sound financial situation, our tremendous
crops, our natknal wealth and accumu
lated surp.ns, oir Improved transporta
tion and industrial conditions, our for
eign markets and our great natural re
sources all underlie the business situa
tion and give promise of a prosperity
and progress greater than any enjoyed
in the past.
■ “The present readjustments have ex
pended throughout the world and have
Effected business conditions generally. In
Pacing this period of liquidation, iWia-
V lon and reconstruction, however, it
■should be a source of particular con-
Bgratulstlon to the people that Amerl an
I financial institutions, on the who.e, arc
■on a sound basis and amply prepared to
■ meet both the problems the situation
I raises and the opportunities that are cer-
I tain to follow.
I BANKS RESPONDED
TRYING YEAR,
l >ateui has responded to the needs <f
Btmeriean business in the trying rear
Bust ended is a causa for gratification.
A unking credit was expanded t.< meet the
Hu-ed& as they devci ; ed.
■
Business is Back From the Wash;
C-feancd asid Pressed, Now
Watch It Cos
r i USTYFcI just ratu’" ill y tred to take a bath The accumu’atpd rrr'ro and
m tek of c unpreccd rUed pei~‘od of stress and strenuousity had to come
off. The scrubbing process, while disagreeable was unavoidable. During
the operation there was nothing to do but stand around and wait.
Now that the cleaning erdeal is over, however, watch business go. Clean and
immaculate, on the star ing line of 1921, it is prepared to set new records. Every
thing is in its favor. The whole world is receptive. With world markets begging,
with credits stabilized and with every facility and commodity available the suc
cess of the future is a.;sured.
And while business has been in the wash we have been getting our breath for
another and faster round. We have taken advantage of the respite to increase
efficiency and improve production. Business is sure to set a dizzy pace, but it
can not step too fast for us. It will find us right alongside or at least at its
withers. We believe we are entering the best business era the world has ever
seen, and we are happy to say that we are prepared.
With complete and modern equipment to make our work pleasant and with
implicit confidence that there will be unlimited work to do, we are "rearin’ to
go,” and we know we are going to get a lot of fun and satisfaction in the going.
Come on, good business. We're with you. Work fast! Make it snappy! Let’s go.
MELLETT PRINTING CO
PRINTERS AND DESIGNERS
Anything from a card tn a book—catalogs, booklets, pamphlets, letter heads en
velopes. circulars, office forms, ledger sheets, mailing cards, folders, business cards,
hot and cold plate embossing, monotype and linotype composition—everything that
comes out of a first-class printing establishment.
Century Building. Indianapolis.
Heating and Ventilation
j‘- Steam—Hot Water
Warm Air Mechanical
Air Conditioning
%sg7~L.JL .I® Equipment—Complete
Power Installations
W. H. Johnson & Son Cos.
Engineers and Contractors
We make a specialty of engineering and installing systems for all classes of buildings. Our experience
of more than twenty years in this business fits us to render a service second to none in the middle
West. Our installations have gone into some of the finest and best equipped buildings in the state, in
cluding public buildings, manufacturing institutions, schools, churches, office build ngs, apartments ana
residences.
We Maintain a and Service Department
h o t o,
330-32 East St. Joseph St. INDIANAPOLIS
Acme
changes as were witnessed in 1020 cul
minated in acute financial disturbances,
followed by prolonged business depres
sion. In this Instance, the banks, largely
due to elasticity of credit provided by
the Federal Reserve system ar ' to their
foresight in accumulating ample re
serves. have maintained their essential
strength and capacity for service.
“By the combination of clear thinking,
hard working and courageous acting, I
believe that greater rewards will e6me
to this nation, and that. In response to
the combined call of duty and oppor
tunity, service and profit, which the sit
uation offers, there will follow constant
ly expanding powers of service which
should mark the goal of every progres
sire people.”
“The first thing to understand about
this depression,” said George K. Roberts,
view-president of the National City Bank,
"is that it is not confined to the United
States or to the products of this coun
try. It is world-wide and is an effect of
disruption of industry and trade by the
war. We have a country of wonderful
resources and are in a better position
to stand it than most other countries.
FARMERS' LOSS HITS
ALL BUSINESS.
“Other people cannot buy of us until
hey are producing goods they can trade
to us. And just as the world is interde
pendent in trade, so are we at home inter
dependent in our various occupations. The
farmer has been hard hit by the decline
In prices of his products and his loss of
purchasing power affects all the indus
tries. The Department of Agriculture
estimated the value of our farm products
for 1919 at nearly $20,000.009,000--about
a third of all the wealth that was pro
duced in this country that year. The
value of 1920 farm products probably was
'ess by one-fourth or one-third.
“Industry, like world trade, cannot
prosper unless it is in balance. The
various classes of producers must receive
compensation upon approximately a
stable and uniform basis, or there can
i not be a free circulation and exchange of
products. If farm products are to stay
down, prices and wages In the other in
dustries will have to come down also, or
there will be a great amount of unem
ployment. The industries cannot run
: full time unless the goods can be sold.
! Therefore, employers, wage earners amt
i merchants should cooperate to reduce
: the prices of other goods to correspond
’ with the fall In farm products. If all
, wage* and prices come down together
■ nobody will be worse off. This Is the
( secret of gettiug industry started again.
! "We have a country of boundless re
sources and there is plenty of work to
. be done and It will go ahead as soon as
the natural balance between the ludus-
I’ tries is restoyd.”
Tlie business year 1921 can be faced
with confidence, according to L. G.
Kaufman) pres dent of Jha Chatham and
Phoenix National Bank, which has 86,-
000 accounts of 'Grins'" doing business
’ throughout the country, Atneri
; can firms have had the foresight to de
flate.
“M.'.nufacturers, wholesalers and Job-
I hers are past the peak of liquidation,’'
jhe “aid. “Their speed in getting back
to a pre-war basis lias beea amazing.
; But I am not so sure ail the retailers
! have been so prompt to give the buying
i public the advantage* of manufacturers’
and wholesalers’ cuts.”
Mr. Kaufman said lie believed that be
fore 1921 is ha’f gone, the whole coun
■ try would witness a revival of business
along normal lines.
James 8. Alexander, president of the
National Bank of Commerce, believes
New Board Member
HARRY D. TCTEWILER.
Tomorrow there will be anew member
of the Marlon County board of commis
sioners In the person of Harry D. Tute.
wiler. who succeeds Joseph Hayes. Mr.
Tutewiler was elected commissioner from
the Second district at the last election
on the Republican ticket. The new com
missioner was consulted regarding the
courthouse employes’ appointments for
1921 and for the last two week* he. has
been a dally visitor at the Commission
ers’ Court.
that with credit revolving faster and
frozen credits being thawed out, there
is no reason to be gloomy about 1921.
The past year’s difficulties he attributed
to the volume of non-self liquidating
Government paper held by banks, the na
tional transportation break down which
tied up goods, the speculation In com
modities and the buyers’ strike. All lines
have not become liquidated, he. stated,
because consumer buying has been slow
and until this becomes more active, pro
duction will be subnormal. All of these
conditions uhi-h hampered 1920 business
may be expected to disappear during
1921. Mr. Alexander held.
CHICAGO BANKERS
ARE OPTIMISTIC
CHICAGO, Dec. 31.—The heads of Chi
cago's greatest banking institutions in
statements to the International News
Service today, predicted general stabiliza
tion of prices and twelve month* of very
steady Improvement in general conditions
for the year 1921.
Cessation of the unusual expansion of
credits and currency and a probab’e con
struction campaign in virtually every line
of Industry wore the major notes in
a statement made by George M Reynolils.
president of the Continental and Com
mer liil National Hank.
Mr. Reynolds' statement follows:
“Well posted trade authorities express
the opinion, with obvious good reason,
that retail prices will soon reach a levei
that will lie fairly stable, and that the
UN DIANA DAILY TIMES, FRIDAY, DECEMBER 31, 192 U.
. public, once convinced that no more
marked recessions are likely to occur
immediately, will buy again in a more i
liberal way that will help furnish the !
general liquidation to restore bank re- ;
serves. The expansion of credits and the '
currency has about run its course. The ,
United States is still rich in natural re- i
sources and 11s buriness men have lost
none of their initiative or genius for
business. When we get squared away
there will be enough work for all, for
there exists a scarcity of homes, and as .
credit becomes available and building
costs recede with other commodities,
there whould be a construction campaign
that will take up the slack in the labor
market in virtually all lines.”
Liquidation of credit for the new year
so that It may be made available for
the expansion of production at home
and abroad also was urged In a state
ment by James B. Forgan. chairman of
the board of directors of the First Na
tional Bank of Chicago.
“There is no reason to despair at the
present time,” Mr. Forgan said. “The
world has received a severe shock, but
not one from which there can be no re
covery. Fundamentally, surface appear
ances to the contrary notwithstanding,
conditions nil over the country have
shown progress and are likely to con
tinue to do so.
“Banks will best serve the interests of
the country and the world If they con
tinue to watch closely and wherever
possible urge their customers to liqui
date so that credit may again become
available to serve the necessary expan
sion of production here and abroad.
“The year , 92l promises to boa year
of steady though very slow Improvement.”
FRISCO BANKERS SAY
COUNTRY IS SOUND
SAN FRANCISCO, Dec. 31—Confidence
that America Is fundamentally sound and
that courage and faith will restore
American business and finance to normal,
leading San Frauclsco bankers In state
ments to the International News Service
today.
"Fundamentally the country Is sound.’
said Herbert Ftelshhacker, president oi
the Anglo and London I’nrls National
Bank. “The declaring of a state of peace
with Germany and the general clearing
up of the European situation will not
inly help to stabilize exchange but wli,
permit us to again export our surplus
tcanuf. ctures and farm products. I be
lieve that toward early spring mom y
will t.e considerably easier and the wheels
c. industry will again be in full motion
T.e reconstruction of our tax lows ts
one of the essential changes that must
be male Immediately.”
Paul Shiuaheimer, vice president of the
Union Trust Company, naid:
"I know no America hut America daunt
less and Imperishable I know of no
And Now—
The New Year!
1920 is writing today its three
hundred and sixty-sixth, and
final page.
1921 has poised its pen for the
first entry on the first new page.
It will write a record oj success
and achievement, of prosperity
and happiness, if we have Jaith
and enthusiasm and optimism.
We believe the record will be
good.
We have confidence in the
future.
A Happy and Prosperous New Year
Central Supp’y Company
210-238 South Capitol Avenue
Becker & Overman
706 Merchants Bank Bldg., Indianapolis
Wish You a Very Prosperous
New Tear
Government, Municipal Members
Corporation Bonds Indiana Bankers' Association
Preferred Stocks Indianapolis Stock Exchange
task allotted to our people that ha* not
been handsomely fulfilled. I know of no
aspiration too bold; no service too great.
“The courage, the faith, the daring
and the industry that have made the
western hemisphere the land of hope nud
plenty will not halt in their onward
sweep.
“The obstacles that now loom large
will melt under the rays of the sun of
the new year. The processes of readjust
ment will be speeded with the return
of international peace and trade.
“Hard work ts a good cure and a bet
ter preventive for most ills. Let us sup
ply it in abundance in a unified spirit
, of Americanism and we will not fail in
, our high mission of bringing blessings
to ourselves and to our brethren through
out the world."
“This Is a time for sanity and cour
age,” was the declaration of Frank B.
Anderson, president of the Bank of Cali
fornia, National Association. “It Is not
a time for peßslmism and doubt and above
all not a time to aid In spreading gos
sip about our neighbors’ affairs, par-
I tleularly without exact knowledge of the
facts.
“Patience and the same sane common
sense which has pulled us through emer
BOXES
When You Need Boxes Call a
Representative of the
HARRY B. MAHAN CO.
Manufacturers of All Kinds of
Paper Boxes and Mailing Tubes
PLANT '
32J West Sou.h St. Ind.an polis
gencles in the past will do so agaiu.
We have had bountiful harvests, we have
105,000,000 people who have to be fed,
clothed and amused; we are underbuilt
anil not overbuilt as we have been when
most of the past booms have burst. Given
normal prices for material and labor,
there is a world of work to be done and
therefore I believe that we will escape
the long period of depression that usually
succeeds such periods as we have been
passing through.”
Hoosier Faces Court
for Killing Deer
Following investigation conducted by
State game wardens of the reported kill
ing of a deer several days ago In Shelby
County, William G. Smiley of Burney
Station, will be arraigned Saturday in
Court at Shelbyville on a charge of un
lawfully killing a deer. It is expected
that several other Shelby County citizens
will be implicated in the killing of the
animal.
The deer was a tame buck, large in
size, and had probably escaped from some
private preserve, it is said.
fM. L. Go aid. President.
John D. Gould, Bec’y. and Treag.
Linton w
Coal Cos. Sy
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Never mind your age—as measured by years. How do you
feel? That’s the thing that counts!
See this sprightly old gentleman coming toward you down
the street. His birth record would show you that he is past
seventy. But judging from the easy grace with which he
swings along, his errect carriage, his ruddy complexion, the
keen glance of his eye, his whole appearance the very picture
of health, you would say that he is not a day past fifty. He
is young in spite of his three score years and ten.
More frequently you see the opposite of his type. Men scarcely in
their thirties—haggard, listless, weak, nervous—men who take no interest
in life, just dragging out a weary existence, all in, tired and worn out
Though young in years, they are, nevertheless, old men. Their vital
forces are on the wane. They’ve lost their “punch and pep. They
feel old—and they look it!
Stay young by keeping your body fit. Keep stomach, bowels, liver,
kidneys and bladder healthy and active. Build up your strength and health.
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5